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Cargo trucks arrive in Pakistan from Russia as two countries formally begin bilateral trade

11:59 PM | 8 Jul, 2023
Cargo trucks arrive in Pakistan from Russia as two countries formally begin bilateral trade
Source: File photo

In a first, trade activities between Pakistan and Russia have begun under the TIR Convention and cargo trucks have arrived in Pakistan from Moscow via the Torkham border crossing.

According to the Customs officials, this is the first time that Pakistan and Russia have started trade activities under the TIR Convention, which the two countries signed in March this year.

Customs officials says that cargo trucks have brought yarn and chickpeas from Russia. They said that these cargo trucks would be allowed to go to their destinations after Customs clearance.

Under the Convention, Pakistan will supply 26 items to Russia, including rice, medicines, fruits and sports goods. In return, Russia will supply 11 items to Pakistan, including wheat, lentils, yarn and petroleum products.

In a statement on commencement of trade activities between the two countries, Pakistan’s Federal Minister for Communications Maulana Asad Mahmood said that Russia was the fourth largest country in the world in terms of exports. He said that bilateral trade between the two countries would boost their economic progress. He said that Pakistan was capable of exporting dry fruits, garments, surgical instruments and agri products to Russia.

What is the TIR Convention?

The Transport International Routes (TIR) ​​Convention is an international agreement on road transport under which imports and exports are carried out by road between different countries without hindrance.

Citrus food was exported by Pakistan to Russia for the first time in 2021 under the supervision of the United Nations.

According to the European Union, 66 countries had signed the TIR agreement till 2020. Under this agreement, all imports and exports are organized by the International Road Transport Union and trucks are given a special permit. National customs documents are not required under this convention.

Daily Pakistan Global Web Desk

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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